New In NFT: A beginner’s guide to NFT 

We are almost ready to enter the future, yes you got it right – Web 3.0. When we hear the word Web 3, the common relatable terms that flash in our minds are- Blockchain, Cryptocurrency, Decentralized Finance, NFT, and many more.  But the current and most trending term is NFT, the internet is overloaded with a lot of background and information about this term, but what NFT is exactly?

So let us deep dive into the World of NFT—

NFT has gained a lot of names since now people are curious to get the whole of it. NFT stands for Non-Fungible tokens which simply means that a digital asset that cannot be replicated. Cryptocurrencies has a nature in that they can be traded or exchanged but when it comes to NFT they have a unique thing that makes them stand out from the crowd, the OWNERSHIP STAYS LIFELONG.

NFT are digital assets, basically artwork, music, images, or any other type of digital file. The unique way of selling and buying digital assets helped target a larger audience.  The most popular example which rose the name of NFT in society is the NBA, which sells video game clips of basketball series. How cool it sounds, right? Now basketball enthusiasts can watch or buy the clips and videos as they are sure that it is not a replica but the interesting fact is the ownership will remain always to the NBA authority.

Let us have a look at the key features which makes it unique-

  • NFT’S includes the masterpiece, which has an eye-catching effect on the audience.
  • NFT’S are verified and real in nature as they use Blockchain technology, which I guess does not require any explanation.
  • With the advanced immutable ledger feature, the NFT remains safe.
  • Smart contracts act as the mediator for safe programming.
  • NFT can be used on various platforms by breaking the barrier of multiple usages.

The above passage gave you a simple idea about what NFT is, but here the main question arises, Why NFT’S are becoming popular, and why people are going crazy behind it.nft 

NFT’S are used to represent digital art ownership, which allows the owners to sell their work directly without any third-party disturbance. NFT’S can be a great deal for multiple reasons-

  • As an investment- Popularity and scarcity are the two main marked feature, which holds a convincing power to invest in it. Buying a masterpiece assures an ROI to the investors.
  • Art enthusiasts-      Some people genuinely value the artwork and some people enjoying buying them. NFT’s are mainly famous for their artwork pieces. So, the creativity believer buys NFT to display and value their tremendous work.
  • Community Benefits- By buying the NFT’s people get the perks of being the part of community and moreover get exclusive access to it. Hence, people love to join communities for fun and enjoy projects!

Final Thoughts-

This can be considered as the beginner’s guide to NFT. As an NFT enthusiast, you have a long way to learn more in detail. The more you learn about NFT’S, the more you will enjoy. As said, everything comes with an advantage and disadvantages, so the next article will throw some light on the pros and cons of NFT in nature.

Author: mayank

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